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Asset Protection & Business Planning Lawyers in Avery Ranch, TX
Protect Your Wealth with Trusted Legal Guidance
For both individuals and businesses in Avery Ranch, protecting your assets is a critical aspect of long-term financial success. Asset management alone isn’t enough to shield your wealth from potential risks such as creditor claims and lawsuits. A skilled asset protection and business planning attorney can help you identify these risks early and minimize their impact, safeguarding your financial future.
Contact our team today at 512-220-3593 to learn more about how we can assist with your asset protection and business planning needs in Avery Ranch.
The Importance of Asset Protection in Avery Ranch
Asset protection involves creating a legal strategy that keeps your personal and business assets safe from creditors, lawsuits, or any other potential threats. Whether you’re an individual or a business owner in Avery Ranch, understanding and implementing asset protection strategies is essential to safeguard your wealth. The core objective of asset protection is:
- To prevent or limit risk by ensuring your assets—personal or business—remain protected from creditor claims and legal judgments.
For business owners, it’s also crucial to plan for the future by determining who will take over the business in the event of retirement or death. Proper business succession planning can prevent costly disputes and preserve your business legacy.
How Asset Protection Plans Can Help
At Bryan Fagan Law Firm, we help clients in Avery Ranch design robust asset protection plans that shield their wealth. Our attorneys offer comprehensive strategies to protect your assets in the event of a lawsuit or creditor claim.
Many individuals and business owners are unaware of the legal risks that could threaten their wealth. A well-structured asset protection plan utilizes legal tactics to secure your assets, ensuring they stay in your family and are protected for generations to come.
Which Assets Are Exempt in Texas?
In Texas, certain assets are legally protected from creditors. These exemptions help ensure that you and your family have access to essential resources, even if you face a financial hardship. The following are exempt assets in Texas:
- Your homestead (the land and home you own)
- Personal property, with some limits based on market value
- Retirement accounts, such as IRAs and 401(k)s
- Life insurance policies and college savings plans
- Two horses, mules or donkeys, along with their saddles, blankets, and bridles (a unique Texas exception!)
However, it’s important to note that the IRS is not required to abide by state exemptions, so it’s wise to consult with an attorney to fully understand how federal laws may affect your assets.
Which Assets Are Not Exempt in Texas?
While Texas law provides certain protections, it does not shield all assets. Non-exempt assets include:
- Money in your checking or savings account
- Assets that you’ve invested into your business
Understanding which assets are at risk is essential for creating an effective asset protection plan.
Create Your Asset Protection Plan Today
You cannot create an asset protection plan after a creditor has filed a claim against you. Texas laws prohibit the transfer of assets to avoid creditors once a lawsuit is filed. Therefore, it’s essential to act early and develop a legal strategy that minimizes risks and protects your wealth.
Our Avery Ranch asset protection lawyers at Bryan Fagan Law Firm are ready to help you craft a customized asset protection plan tailored to your unique needs. Reach out today to ensure your financial future is secure.
Call us now at 512-220-3593 or contact us online to learn more about asset protection and business planning services in Avery Ranch, TX.
